Seattle, WA -- (SBWIRE) -- 03/02/2020 -- Essential oils are volatile aromatic oils extracted from plants, and their other significant parts, such as flowers, seeds, stem, bark, leaves, and roots. These oils represent the flavor and aroma of the plants from which they are extracted. Essential oils, also known as ethereal oils, are volatile oils that are also called aetherolea. Distillation is one of the most common processes through which essential oils are extracted. These oils are used as aromatic and flavoring agents, as they contain several organic compounds such as terpenes, phenols, alcohols, aldehydes, ketones, lactones, coumarins, esters, and ethers. Therapeutic properties of essential oils depend upon the plant it is extracted from. For instance, citronella oil has antidepressant, antispasmodic, antiseptic, antibacterial, and anti-inflammatory properties, whereas lemon oil has antiviral, disinfectant, bactericidal, hemostatic, astringent, febrifuge, and antiseptic properties. Owing to such therapeutic and aromatic properties, the demand for essential oils has been increasing tremendously. Burgeoning demand for natural products, in turn, is increasing the demand for essential oils in the food and beverages, cosmetics, personal care, and healthcare industries. Growing popularity of aromatherapy as well as increasing consumer awareness regarding the benefits of essential oils and related herbal products are major factors driving growth of the market for essential oils. However, low availability of raw materials is the major factor restraining growth of the global essential oils market.

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Global Essential Oils Market Taxonomy

On the basis of extraction technique:
- Solvent Extraction
- Expressed Oils
- Distillation
- Enfleurage
- Carbon Dioxide Extraction
- Others

Based on product type:
- Orange
- Jasmine
- Eucalyptus
- Tea tree
- Corn Mint
- Geranium
- Peppermint
- Rosemary
- Citronella
- Lavender
- Clover Leaf
- Spearmint
- Lemon
- Lime
- Others

In terms of application:
- Food & Beverages
- Cosmetics & Personal Care
- Home Care
- Healthcare
- Aromatherapy
- Others

Speaking of the distinctive extraction techniques, the distillation segment is the most dominant one in the global essential oils market, as it is the most inexpensive, as well as the easiest method. Aromatherapy is the largest application segment, as it has potential antidepressant and soothing properties. Growing prevalence of depression due to hectic and stressful lifestyle and work environments, coupled with growing urbanization, is therefore augmenting the demand for aromatherapy.

Global Essential Oils Market – Geographical Insights

The Asia Pacific essential oils market is witnessing the fastest growth, owing to increasing demand for natural oil-based products and growing disposable income of the people. The booming food & beverages and healthcare industries in China and India, as well as increasing inclination towards aromatherapy in the region are fueling the market expansion in the region. According to the India Brand Equity Foundation (IBEF), the fast moving consumer goods (FMCG) sector in India is expected to reach US$ 103.7 billion by 2020. The FMCG sector in India consists of 19% food and beverages, 31% healthcare, and 50% household and personal care products. These sectors are major consumers of essential oils. Thus, the demand for essential oil is expected to increase in India, in turn, propelling growth of the essential oil market in Asia Pacific.

However, Europe holds a dominant position in the global essential oils market, owing to magnifying demand for natural beauty products & cosmetics, medicines, and nutraceuticals in the region. 

Global Essential Oils Market – Key Competitors

The well-known players in the global essential oils market include Biolandes, doTERRA International, Essential Oils of New Zealand, Farotti SRL, H.Reynaude & Fils, Moksha Lifestyle Products, Sydney Essential Oils Rocky Mountain Oils LLC, Co. Pty Ltd, The Lebermuth Company, West India Species, Inc., and Young Living Essential Oils. These companies are adopting several inorganic approaches in order to retain their foothold in the global market.

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Key Developments

- On November 9, 2017, Lebermuth, Inc., U.S., stated that the price for Geranium Egyptian Oil (Pelargonium graveolens, CAS 8000-45-2) rose in September 2017 but later observed a fall in price by a few dollars per kg due to low demand. This fluctuating price of essential oil is expected to affect the company's annual sales.

- On September 23, 2019, doTERRA, a major player in the essential oils market announced about expanding its presence in Bogota, Colombia. This will include the company's new corporate office which will be inaugurated in October 2019. This expansion is initiated so as to expand its product portfolio in the South American region.

- On August 5, 2019, doTERRA, a major player in the essential oils market announced its expansion in the Philippines. This expansion is expected to increase awareness about essential oils in the Asian market. The inauguration of this corporate office is to be held at the end of 2019.